Have your wedding cake and eat it too: Wedding attendance on a budget

TD advises how to stay in love with your budget, even with
wedding-related expenses

TORONTO, April 2, 2014 /CNW/ - Celebrating the union of a happy couple
is a joyous occasion, but for guests, wedding-related expenses can
quickly add up as the big day approaches. Guests have requisite wedding
showers, stag nights, rehearsal parties, wedding gifts, outfits,
potentially travel and accommodations if a destination wedding, to
budget for. A recent TD survey found four in ten Canadians expect to
attend at least one wedding this year, and one in seven will attend as
a member of the wedding party, which can put added stress on the wallet
and leave many navigating awkward social pressures to go 'all out'.

According to the TD survey, one in five people attending weddings this
year say they are not well prepared for the associated costs and expect
them to be a considerable drain on their household budget. Almost half
of those attending a wedding this year expect to spend between $100 and
$500, but one in eight said they plan to spend more than $1,000, a
figure that jumps to one in four if someone is a member of the wedding
party.

"Rest assured, with some advance planning and smart strategies, it's
possible to navigate the pressures of wedding season without blowing
the budget," said Raymond Chun, Senior Vice President of Everyday
Banking at TD. "Weddings are one of life's biggest milestones, and
celebrating with family and friends is important, but that doesn't mean
good financial habits have to fly out the window once an invite is
accepted."

To keep costs manageable, Chun suggests reviewing your budget as soon as
the wedding invitation arrives. Think about how much it will cost to
attend, especially if the wedding involves travelling to a destination,
and whether the spend fits within the budget before committing to
attend. Then, identify what the comfortable spend is on the other
associated costs like gifts, parties, travel and attire.

"Armed with this information, work backwards to put together a savings
plan," said Chun. "If the wedding takes place in six months, setting
aside $16 a week can be easier than trying to come up with $400
overnight."

Etiquette expert Louise Fox agrees that planning goes a long way in
making the wedding season both affordable and enjoyable, especially
when it comes to gift giving.

"There is no general rule around what one should spend on a gift, so
there shouldn't be any pressure to spend more than you can afford,"
said Fox. "You may be inclined to spend more on a close friend or
relative than on a couple you've only known a short time, but it is up
to the guest to determine what is appropriate based on the nature of
the relationship. Remember that this special day is to celebrate the
union and future life together of the couple and the gift is an
expression of a guest's best wishes for them."

For expenses such as gifts and sometimes even travel, Chun suggests that
redeeming points collected through a reward credit card can help
off-set at least some of the travel or wedding gift costs.

"Depending on the reward program of your credit card, travel rewards or
cash back rebates can help cover costs associated with gifts, flights,
hotels and car rentals," said Chun. "If that's a benefit of your
credit card, it's a good idea to use your credit card for all your
everyday purchases to help the rewards accumulate more quickly. Just
remember to pay off the balance in full on or before the due date to
avoid interest charges on your purchases."

Sometimes, an honest assessment of the costs involved in attending a
wedding may mean declining the invitation. The TD survey showed that 17
per cent have made up an excuse to decline a wedding invitation because
they couldn't afford to attend, but that figure jumped to 24 per cent
among those who had been asked to be in a wedding party this year.

"It's not impolite to decline a wedding invitation as long as you don't
wait until the last minute," said Fox. "If you are going to celebrate
the new couple's life together, you can do so in ways other than
attending the wedding. If you wish to still acknowledge the big day,
sending flowers to the wedding venue or a congratulatory card is always
appreciated."

About the TD Canada Trust Affordable Wedding Season Poll
TD Canada Trust commissioned Environics Research Group to conduct an online custom survey of 6,015 Canadians aged 18 years and
older. Responses were collected between February 11 and 25, 2014.

About TD Canada Trust

TD Canada Trust offers personal and business banking to more than 11.5
million customers. We provide a wide range of products and services
from chequing and savings accounts, to credit cards, mortgages and
business banking, to credit protection and travel medical insurance, as
well as advice on managing everyday finances. TD Canada Trust makes
banking comfortable with award-winning service and convenience through
24/7 mobile, internet, telephone and ATM banking, as well as in over
1,100 branches, with convenient hours to serve customers better. For
more information, please visit: www.tdcanadatrust.com. TD Canada Trust is the Canadian retail bank of TD Bank Group, the
sixth largest bank in North America.